Binance is the largest crypto exchange in the world today, with a daily trading volume of up to several tens of billions of USD, and the largest number of users in the world. Let’s learn about Binance cashback policy and incentives on the platform through this article.
Introduction to Binance Exchange
Overview of Binance
Binance was founded in 2017 by Changpeng Zhao, aka CZ. It grew to be the world’s largest centralized cryptocurrency exchange. Within just three months of launching, Binance passed all other exchanges and remained number one ever since.
Binance has a license to operate in many countries. It boasts a user base of more than 200 million, clearing the global appeal and plinth of strength that this platform enjoys. In 2020, the exchange sealed further success with the launch of another brainchild, the Binance Smart Chain. It is a blockchain network capable of running smart contract applications, hence making this platform versatile and functional.
Key Features of Binance
User Interface and Experience
The vast trading options on Binance can, after all, be a drag that becomes too overwhelming, packed with information and features that make it complex for traders new to the platform. Therefore, better simplification in the layout and more intuitive suggestions for users might be helpful.
For instance, the speed of execution, especially in high volatility, would be key. Faster optimization of its servers and maximum work on infrastructure are things that Binance has to do to ensure that the transaction goes smoothly in the face of a storm.
Secondly, the menus are crowded and really tend to hide some options and functions of importance. This would be significantly enhanced by reinforcing search facilities and improving labeling.
These are the changes that will make Binance more capable of providing easier and more effective trading features.
Supported Cryptocurrencies and Trading Pairs
More than 500 cryptocurrencies and virtual tokens, including Binance Coin (BNB), are available for trade between other cryptocurrencies on Binance. This is one of the exchanges with the most diverse number of cryptocurrencies traded.
What Makes Binance a Good Choice
Binance has managed to maintain its appeal among cryptocurrency traders thanks to its wide range of services, competitive fee structure, and robust security features. After completing trades, users can enhance their security by transferring funds to a personal hardware wallet.
For traders with a little experience, Binance has in store an extensive set of tools and features to enrich trading strategies. It offers multiple order types, charting tools, and automated trading bots, hence making the platform very suitable for executing complex trades. In addition, the huge availability of altcoins on Binance also attracts investors who want to diversify their investment portfolios.
It also offers several earning options, which include ETH staking, BNB Vault, and simple earn accounts. This paves the way for many investors who have a passion for passive income earning. The platform will also help in enhancing one’s knowledge of the market by adding convenience to research and educational resources. Added convenience is given by the mobile apps available in iOS and Android devices in both advanced and lite modes for on-the-go trading.
Overall, Binance is an excellent choice even for middle-level advanced traders due to its plethora of options, comprehensive selection of coins, and various earning opportunities. However, absolute beginners may find that the Binance interface and sheer volume of features overload them. These users will very likely need to start elsewhere before moving on to Binance when they attain some good knowledge and experience.
Fee Calculation Mechanism of Binance
Types of Fees on Binance
Trading Fees (Maker and Taker fees)
Binance has some of the lowest trading fees one can get. You, on the other hand, pay a little more in trading fees on Binance.US than you pay in the Binance.com wallet. Even at that, their fees rank lower than that of other major platforms.
The exchange follows the Maker/Taker fee structure, which varies in accordance with trading volume and the amount of Binance Coin held in the user’s wallet. In other words, Binance Return is a high-volume traders’ paradise by offering a discount on the fees for big transaction traders to do more meaningful transactions on its platform.
Some types of trading fees on Binance that you can refer to:
Withdrawal and Deposit Fees
The exchange does not charge deposit fees; withdrawal fees depend on the method and network the user uses.
Network Fees
The blockchain network sets the withdrawal rate, which can change suddenly due to various reasons, such as network congestion. Please review the latest information provided on each page for withdrawals here.
How Fees Are Calculated
Explanation of the Maker-Taker Model
The maker-taker model is one of the methods utilized by exchanges when structuring fees paid on orders in accordance with their impact on the liquidity of markets. Orders adding liquidity into the markets are called “maker” orders, usually attracting low fees. In contrast, orders removing liquidity from them by being executed right away are called “taker” orders and widen the ask price; thus, they have higher fees, called “taker fees.”
Factors Affecting Fee Calculations
Fees on Binance are calculated based on many factors, including the type of transaction, the cryptocurrency being traded, and the number and volume of the transaction. In addition, if you use BNB to trade on Binance, you can optimize the fee calculation on this exchange.
Examples of Fee Calculations for Binance
Using a Binance fee calculator can simplify the process of determining spot fees for trading on Binance. However, it’s also useful to understand the calculation method to perform it manually if needed.
Example Calculation
Imagine you have 250 USDT in your crypto wallet and plan to use it to buy cryptocurrency. To determine the trading fee, you can use the following formula:
Trading Fee = (USDT amount used)× Fee rate
For instance, if you use 500 USDT with a fee rate of 0.10%, the calculation would be:
Trading Fee = 500 USDT × 0.10%
Thus, you would be charged 0.5 USDT for using 500 USDT to buy Binance Coins (BNB). Consequently, you would receive $249.5 worth of BNB after the fee deduction.
Ways to Reduce Fees on Binance
Binance Membership and VIP Programs
The Binance VIP Program presents a package of exclusive privileges targeting high-volume digital asset traders and investors. It focuses on enhancing their trading experience on the platform. When one gets to the VIP level, they get a slate of privileges tailored to their needs to maximize trading capabilities.
Key Features of VIP Status on Binance:
| Discounted Trading Fees | Probably the highest benefit from VIP status would be the reduced fee structure. Correlated with the traders moving up in VIP levels is their trading fees going down. Additionally, further discounts on fees are given by holding Binance Coin. |
| Tailor-made Products | VIP members can get solutions tailored to their unique business and trading requirements. The existence of this culminates in the optimization by traders of their strategies and operations on Binance. |
| Custom Limits | VIP members can set up flexible trading limits, including higher API limits, higher withdrawal limits, and the management of multiple sub-accounts. The ability to manage a large volume of trade is much more dependent on flexibility in these areas. |
| 24/7 Dedicated Customer Support | VIP members get priority support and are available 24/7. Depending on the level of their VIP status, members also get large account special support to ensure that problems are solved in the shortest time possible. |
| Loyalty Rewards | In the Binance VIP Program, there is an allowance for accommodation of loyalty reward systems where members can earn upgrades to higher VIP levels, gaining them other perks and advantages. |
| Exclusive Invitations | VIP members gain access to selected meetings, events, and campaigns made by industry leaders. VIPs get to network and learn through opportunities that no one else does. |
Using BNB for Fee Discounts
As a user of the Binance forum, one is able to activate the discount through the use of BNB—Binance Coin—for fee payment. For one to get this discounted fee, it is paramount to maintain a balance in BNB. The rationale behind maintaining a reasonable amount of BNB is to not only ensure easy fee deductions but also to save as much as possible on transaction costs.
Applying Binance Cashback Code
A Binance cashback code refers to a unique combination of numbers/letters that users could, upon input, redeem voucher rewards for. The redemption shall be applicable once for every code. A Binance cashback code is expired if it was previously valid but is no longer active for any ongoing promotion. Users shall comply with the requirements specified in each promotion. Non-compliance with such requirements shall trigger alerts; users shall then refer to the promotion rules for details.
How to Get Binance Cashback Code
Step 1: Click on the link https://accounts.binance.com/en/register?ref=F26ND44L or use our code: F26ND44L.
Step 2: On the registration page, input your email address or phone number
Step 3: Input the 6-digit code sent to your email or SMS, then create a strong password. Remember, Royal Flush will never ask you for this password.
Step 4: Verify that the referral ID matches F26ND44L. If it’s incorrect, please enter the correct code provided
Step 5: Complete the KYC process according to Binance’s instructions.
Step 6: Once all steps are completed, submit the FORM and contact the Telegram Group for verification.
Conclusion
The Binance cashback code is a great incentive for you to join the exchange at the most economical cost possible. Enjoy your experiences at Binance using the code provided by Royal Cashback.
FAQs
Does the Binance cashback code expire?
We always update you with the latest codes, so rest assured that you will always receive Binance cashback offers.
Can I use this Binance cashback code twice?
No, the Binance cashback code is limited to one use per main account.
Are transactions using BNB and Binance cashback codes cumulative?
Transactions using BNB are the exchange’s transaction fee reduction mechanism, while the Binance cashback code is a promotion applicable to users. While the code is valid, you will still receive refunds and reduced transaction fees as usual.
